Notes to Accounts of Aryaman Capital Markets Ltd.

Mar 31, 2025

16 Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognised if, as a result of a past event, the group has a present legal or constructive obligation that can be estimated reliably, and
it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the
unavoidable costs of meeting the future obligations under the contract.

A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow
of resources or an obligation for which the future outcome cannot be ascertained with reasonable certainty. When there is a possible or a present
obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made
Contingent assets are neither recognized nor disclosed in financial statements.

15.2 Terms / rights attached to Equity Shares:

The Company has only one class of equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays
dividends if any, in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the Shareholders at the ensuing Annual General
Meeting, except in case of interim dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders.

Reason for shortfall

The Company has made an excess expenditure under its CSR policy to the extent of Rs. 0.01 lakhs as on 31st March 2025.

Nature of CSR activities

During the year, the Company has incurred a sum of Rs. 6.50 Lakhs towards CSR expenditure as per policy laid down pursuant to the
provisions of Companies Act, 2013 and rules framed thereunder. The Company under its CSR policy, affirms its commitment of
seamless integration of marketplace, workplace, environment and community concerns with business operations by undertaking
activities / initiatives that are not taken in its normal course of business and/or confined to only the employees and their relatives and
which are in line with the broad-based list of activities, areas or subjects that are set out under schedule VII of the Companies Act,
2013.

28 Segment Reporting

The Company''s Board of Directors have been identified as the Chief Operating Decision Maker (CODM) as defined under Ind AS 108
"Operating Segments". The CODM evaluates the Company''s performance and allocated the resources based on an analysis of various
performance indicators . The Company is primarily engaged in the business of financial services related to investments. The same has
been considered as business segment and the management considers this as a single reportable segment. Accordingly, disclosure of
segment information has not been furnished.

29 Related party disclosures

As per IND AS 24, the disclosures of transactions with the related parties are given below:

30 Financial instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1 .Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from
banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and
individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables.
Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Fair value estimation

For financial instruments measured at fair value in the Balance Sheet, a three level fair value hierarchy is used that reflects the significance of
inputs used in the measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or
liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level I: quoted prices for identical instruments

• Level 2: directly or indirectly observable market inputs, other than Level I inputs; and

• Level 3: inputs which are not based on observable market data.

31 Financial risk factors

The Company''s principal financial liabilities comprise loans and borrowings, advances and trade and other payables. The purpose
of these financial liabilities is to finance the Company’s operations and to provide to support its operations. The Company’s
principal financial assets includes investments (Strategic and Non Strategic), loans, trade and other receivables, and cash and cash
equivalents that derive directly from its operations.

The Company''s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors review and agree
policies for managing each of these risks, which are summarised as below.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by
delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of
funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and
long term liabilities as and when due. Anticipated future cash flows are expected to be sufficient to meet the liquidity requirements
of the Company. The Company does not have any undrawn borrowing facilities with the Banks / Financial institutions.

31 Financial risk factors

(b) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and
commodity risk. Financial instruments affected by market risk includes investment, deposits, foreign currency receivables and
payables. The Company''s treasury team manages the Market risk, which evaluates and exercises independent control over the entire
process of market risk management.

(i) Foreign currency risk

Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the functional currency in
which they are measured. The Company''s functional and presentation currency is INK. The Company does not have any foreign
currency transactions and hence is not exposed to the Foreign Currency Risks.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in
market interest rates. The Company''s does not have any long term borrowings. Hence, the Company is not exposed to the interest

(iii) Price Risk

The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the
balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from
investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the

Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company’s equity and Gain/

(Loss) for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all
other variables held constant, and that all the Company’s equity instruments moved in line with the index .

(iv) Underwriting Risk

The Company undertakes underwriting of various public issues of Securities in the Capital Market. This risk includes market making
for new securities. This include compulsion to provide two way quotes to a clients on a Stock exchange. The Company manages
this risk by underwriting issues only after strong research conducted by it.

(c) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The
Company is exposed to credit risks from its inng activities, primarily trade receivables, cash and cash equivalents, deposits with
banks and other financial instalments.

The Company is not significanlty exposed to the credit risk toward trade receivables considering the nature of serivces provided by
(i) Trade and other receivables

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase
in credit risks on an ongoing basis throughout each reporting period.

To assess whether there is a significant increase in credit risk, the Company compares the risks of default occurring on the assets as
at the reporting date with the risk of default as at the date of initial recognition. It considers the reasonable and supportive forward
looking information such as:

- Actual or expected significant adverse changes in business.

- Actual or expected significant changes in the operating results of the counterparty.

- Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its
obligations

- Significant increase in credit risk on other financial instruments of same counterparty

33 The Company did not have any long- term contracts including derivative contracts for which there were any material foreseeable losses.

34 The Company has complied with number of layers of subsidiaries as prescribed under Section 186(1) of the Companies Act read with Companies (Restriction on

number of layers) Rules, 2017.

35 The company does not have transactions with the companies struck off under section 248 of Companies Act ,2013.

36 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

37 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

38 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

39 The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the
tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

40 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

41 The figures have been rounded off to the nearest lakhs.

42 The financial statements were approved for issue by the Board of Directors on 29th April, 2025

43 The figures of the previous year''s have been regrouped or reclassified wherever necessary to make them comparable.

As per our report of even date For and on behalf of the Board of Directors of

For V. N. Purohit & Co. Aryaman Capital Markets Limited

Chartered Accountants
Firm Regn No. 304040E

Sd /- Sd/-

O. P. Pareek Shripal Shah Shreyas Shah

Partner Director & CFO Director

Membership No. 014238 DIN: 01628855 DIN: 01835575

UDIN: - 25014238BMJMAK3917 Place : Mumbai Place : Mumbai

Date: 29th April, 2025 Date: 29th April, 2025

Sd/-

Place : New Delhi Reenal Khandelwat

Date : 29th April, 2025 Company Secretary

PAN: DVAPK5780H
Place : Mumbai
Date: 29th April, 2025

---

Mar 31, 2024

16 Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognised if, as a result of a past event, the group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract.

A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow of resources or an obligation for which the future outcome cannot be ascertained with reasonable certainty. When there is a possible or a present obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in financial statements.

17 Recent pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

27 Segment Reporting

The Company''s Board of Directors have been identified as the Chief Operating Decision Maker (CODM) as defined under Ind AS 108 "Operating Segments". The CODM evaluates the Companys performance and allocated the resources based on an analysis of various performance indicators . The Company is primarily engaged in the business of financial services related to investments. The same has been considered as business segment and the management considers this as a single reportable segment. Accordingly, disclosure of segment information has not been furnished.

29 Financial instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Fair value estimation

For financial instruments measured at fair value in the Balance Sheet, a three level fair value hierarchy is used that reflects the significance of inputs used in the measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

• Level 1: quoted prices for identical instruments

• Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and

• Level 3: inputs which are not based on observable market data.

30 Financial risk factors

The Company''s principal financial liabilities comprise loans and borrowings, advances and trade and other payables. The purpose of these financial liabilities is to finance the Company’s operations and to provide to support its operations. The Company’s principal financial assets includes investments (Strategic and Non Strategic), loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company''s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board ofDirectors review and agree policies for managing each ofthese risks, which are summarised as below.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and long term liabilities as and when due. Anticipated future cash flows are expected to be sufficient to meet the liquidity requirements of the Company. The Company does not have any undrawn borrowing facilities with the Banks / Financial institutions.

(b) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types ofrisk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk includes investment, deposits, foreign currency receivables and payables. The Company''s treasury team manages the Market risk, which evaluates and exercises independent control over the entire process of market risk management.

(i) Foreign currency risk

Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company''s functional and presentation currency is INR. The Company does not have any foreign currency transactions and hence is not exposed to the Foreign Currency Risks.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. The Company''s does not have any long term borrowings. Hence, the Company is not exposed to the interest rate risk.

(iii) Price Risk

The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the

balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company’s equity and Gain/

(Loss) for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company’s equity instruments moved in line with the index .

30 Financial risk factors

(iv) Underwriting Risk

The Company undertakes underwriting of various public issues of Securities in the Capital Market. This risk includes market making for new securities. This include compulsion to provide two way quotes to a clients on a Stock exchange. The Company manages this risk by underwriting issues only after strong research conducted by it.

(c) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company is exposed to credit risks from its activities, primarily trade receivables, cash and cash equivalents, deposits with banks and other financial instruments.

The Company is not significantly exposed to the credit risk toward trade receivables considering the nature of services provided by the Company.

(ii) Trade and other receivables

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risks on an ongoing basis throughout each reporting period.

To assess whether there is a significant increase in credit risk, the Company compares the risks of default occurring on the assets as at the reporting date with the risk of default as at the date of initial recognition. It considers the reasonable and supportive forward looking information such as:

- Actual or expected significant adverse changes in business.

- Actual or expected significant changes in the operating results of the counterparty.

- Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations

- Significant increase in credit risk on other financial instruments of same counterparty

32 (a) Financial risk factors Capital risk management

The Company’s objectives when managing capital are to :

(i)

safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and

(ii) maintain an optimal capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Company may issue new shares, adjust the amount of dividends paid to shareholders etc. The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business.

The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

33 Ind AS 116 - Leases:

Ind AS 116 - “Leases” sets out the principles for the recognition, measurement, presentation and disclosures of lease for both lease and lessor. Ind AS 116 introduces a single lease accounting model and requires a lessee to recognise the assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets are of low value. Ind AS 116 substantially carried forward the accounting treatment prescribed for lessor.

34 Ind AS 12 -“Income taxes” - Appendix C - Uncertainty over income tax treatments :

On March 30, 2019, Ministry of Corporate affairs have notified Appendix C to Ind AS 12, uncertainty over the income tax treatments which is to be applied while performing the determination of taxable profits/(loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. According to the appendix, the company needs to determine the probability of the relevant tax authorities accepting each tax treatment that the company has used or plans to use in their income tax filings which has to be considered to compute the most likely amount or expected value of the tax treatments, when determining the taxable profits/(loss), tax bases, unused tax losses, unused tax credits and tax rates.

35 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

36 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

37 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

38 The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the

tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

39 The company does not have transactions with the companies struck off under section 248 of Companies Act ,2013.

40 There is no litigation by/against the Company.

41 The financial statements were approved for issue by the Board of Directors on 24th May, 2024

42 The figures of the previous year''s have been regrouped or reclassified wherever necessary to make them comparable.

The accompanying notes are an integral part of the standalone financial statements.

As per our report of even date For and on behalf of the Board of Directors of

For V. N. Purohit & Co. Aryaman Capital Markets Limited

Chartered Accountants Firm Regn No. 304040E

sd/- sd/- sd/-

O. P. Pareek Shripal Shrenik Shah Shreyas Shrenik Shah

Partner Executive Director & CFO Executive Director

Membership No. 014238 DIN: 01628855 DIN: 01835575

UDIN: - 24014238BKAUBY9634 Place : Mumbai Place : Mumbai

sd/-

Place : New Delhi Reenal Khandelwal

Date : 24th May, 2024 Company Secretary

ACS: 65348

---

Mar 31, 2023

18. Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognised if, as a result of a past event, the group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract.

A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not require an outflow of resources or an obligation for which the future outcome cannot be ascertained with reasonable certainty. When there is a possible or a present obligation where the likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent assets are neither recognized nor disclosed in financial statements.

26 Segment Reporting

The Company''s Board of Directors have been identified as the Chief Operating Decision Maker (CODM) as defined under Ind AS 108 "Operating Segments". The CODM evaluates the Company''s performance and allocated the resources based on an analysis of various performance indicators . The Company is primarily engaged in the business of financial services related to investments. The same has been considered as business segment and the management considers this as a single reportable segment. Accordingly, disclosure of segment information has not been furnished.

27 Related party disclosures

As per IND AS 24, the disclosures of transactions with the related parties are given below:

28 Financial instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

29 Financial risk factors

The Company''s principal financial liabilities comprise loans and borrowings, advances and trade and other payables. The purpose of these financial liabilities is to finance the Company''s operations and to provide to support its operations. The Company''s principal financial assets includes investments (Strategic and Non Strategic), loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company''s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors review and agree policies for managing each of these risks, which are summarised as below.

(a) Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and long term liabilities as and when due. Anticipated future cash flows are expected to be sufficient to meet the liquidity requirements of the Company. The Company does not have any undrawn borrowing facilities with the Banks / Financial institutions.

(b) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk includes investment, deposits, foreign currency receivables and payables. The Company''s treasury team manages the Market risk, which evaluates and exercises independent control over the entire process of market risk management.

(i) Foreign currency risk

Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Company''s functional and presentation currency is INR. The Company does not have any foreign currency transactions and hence is not exposed to the Foreign Currency Risks.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. The Company''s does not have any long term borrowings. Hence, the Company is not exposed to the interest rate risk.

(iii) Price Risk

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the

balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company''s equity and Gain/

(Loss) for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company''s equity instruments moved in line with the index .

29 Financial risk factors

(iv) Underwriting Risk

The Company undertakes underwriting of various public issues of Securities in the Capital Market. This risk includes market making for new securities. This include compulsion to provide two way quotes to a clients on a Stock exchange. The Company manages this risk by underwriting issues only after strong research conducted by it.

(c) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company is exposed to credit risks from its inng activities, primarily trade receivables, cash and cash equivalents, deposits with banks and other financial instruments.

The Company is not significanlty exposed to the credit risk toward trade receivables considering the nature of serivces provided by the Company.

(ii) Trade and other receivables

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risks on an ongoing basis throughout each reporting period.

To assess whether there is a significant increase in credit risk, the Company compares the risks of default occurring on the assets as at the reporting date with the risk of default as at the date of initial recognition. It considers the reasonable and supportive forward looking information such as:

- Actual or expected significant adverse changes in business.

- Actual or expected significant changes in the operating results of the counterparty.

- Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations

- Significant increase in credit risk on other financial instruments of same counterparty

31(a) Financial risk factors Capital risk management

The Company''s objectives when managing capital are to :

(i)

safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and

(ii) maintain an optimal capital structure to reduce the cost of capital

In order to maintain or adjust the capital structure, the Company may issue new shares, adjust the amount of dividends paid to shareholders etc. The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business.

The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

32 Ind AS 116 - Leases:

On March 30, 2019, Ministry of Corporate affairs have notified Ind AS 116 - "Leases". Ind AS 116 will replace the existing leases standards Ind AS 17 - "Leases" and related interpretations. The new standard sets outthe principles for the recognition, measurement, presentation and disclosures of lease for both lease and lessor. Ind AS 116 introduces a single lease accounting model and requires a leassee to recognise the assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets are of low value. Ind AS 116 substantially carried forward the accounting treatment prescribed for lessor. The effective date for adoption of Ind AS 116 is annual period beginning on or after April 01, 2019. The Company is evaluating the impact of the issued Ind AS 116 on its financial statements.

33 Ind AS 12 -"Income taxes" - Appendix C - Uncertainty over income tax treatments :

On March 30, 2019, Ministry of Corporate affairs have notified Appendix C to Ind AS 12, uncertainty over the income tax treatments which is to be applied while performing the determination of taxable profits/(loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. According to the appendix, the company needs to determine the probability of the relevant tax authorities accepting each tax treatment that the company has used or plans to use in their income tax filings which has to be considered to compute the most likely amount or expected value of the tax treatments, when determining the taxable profits/(loss), tax bases, unused tax losses, unused tax credits and tax rates.

34 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

35 The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

36 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

37 The Company has not any such transaction which is not recorded in the books ofaccounts that has been surrendered or disclosed as income during the year in

the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

38 The company does not have transactions with the companies struck off under section 248 of Companies Act ,2013.

39 There is no litigation by/against the Company.

40 There are no dues to Micro, Small and Medium Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006 which are outstanding for a period more than 45 days as at Balance Sheet Date.

41 The figures have been rounded off to the nearest lakhs.

42 The financial statements were approved for issue by the Board of Directors on May 26, 2023.

43 The figures of the previous year''s have been regrouped or reclassified wherever necessary to make them comparable.

For and on behalf of the Board of Directors of

For V. N. Purohit & Co. Aryaman Capital Markets Limited

Chartered Accountants Firm Regn No. 304040E

O. P. Pareek Shripal Shah Shreyas Shah

Partner Executive Director Executive Director

Membership No. 014238 DIN: 01628855 DIN: 01835575

UDIN: - 23014238BGXRQB5321

2, Neelsagar, A.G. Khan 2, Neelsagar, A.G. Khan Road,

Road, Narayan Pujari Nagar, Narayan Pujari Nagar, Worli,Mumbai,400018, Worli,Mumbai,400018,

Maharashtra, India Maharashtra, India

Place : Mumbai Date : 26th May , 2023

Chaitali Pansari Company Secretary PAN: BKHPP6512N

---

Mar 31, 2018

NOTES To Financial Statements

12. Equity share capital:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Authorised: 1,20,00,000 (31.03.2017: 1,20,00 ,000) Equity Shares of Rs 10 each	1,200.00	1,200.00
Issued, Subscribed and Paid up 1,19,77,126 (31.03.2017: 1,19,77,126 ) Equity Shares of Rs 10 each	1,197.71	1,197.71
Total	1,197.71	1,197.71
Notes: 12.1 Reconciliation of number of shares outstanding at the beginning and end of the year:
Authorised share capital:	No. of shares	Amount
	In Lacs	INR Lacs
Balance as at 31st March, 2016	120.00	1,200.00
Add / (Less): Changes during the year	-	-
Balance as at 31st March, 2017	120.00	1,200.00
Add / (Less): Changes during the year	-	-
Balance as at 31st March, 2018	120.00	1,200.00
1. Issued, Subscribed and Paid up share capital:	No. of shares	Amount
	In Lacs	INR Lacs
Balance as at 31st March, 2016	119.77	1,197.71
Add / (Less): Changes during the year	-	-
Balance as at 31st March, 2017	119.77	1,197.71
Add / (Less): Changes during the year	-	-
Balance as at 31st March, 2018	119.77	1,197.71

The Company has only one class of equity shares having a par value of Rs 10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends if any, in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the Shareholders at the ensuing Annual General Meeting, except in case of interim dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders.

12.3 Details of shares held by each shareholder holding more than 5% shares in the Company:

Equity share of Rs 10 each fully paid up with voting rights	Number of fully paid equity shares	Holding (%)
Aryaman Financial Services Limited
As at 31st March, 2017	88,97,126	74.28%
As at 31st March, 2018	88,97,126	74.28%
13. Other Equity:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Securities premium	101.89	101.89
Retained earnings	200.69	151.66
Other Comprehensive income	526.11	468.94
Total	828.69	722.49

12.2 Terms / rights attached to Equity Shares:

13.1 Securities Premium:

Particulars	Year ended March 31, 2018	Year ended March 31, 2017
	INR Lacs	INR Lacs
Balance as at beginning of the year	101.89	101.89
Add/(Less): Movement during the year	-	-
Balance as at end of the year	101.89	101.89
13.2 Retained earnings:
Particulars	Year ended March 31, 2018	Year ended March 31, 2017
	INR Lacs	INR Lacs
Balance as at beginning of the year	151.66	30.86
Profit for the year	49.03	120.80
Balance as at end of the year	200.69	151.66
13.3 Other Comprehensive Income:
Partlculars	Year ended March 31, 2018	Year ended March 31, 2017
	INR Lacs	INR Lacs
Balance as at beginning of the year	468.94	121.34
Add: Movement during the year	57.18	347.60
Balance as at end of the year	526.11	468.94
14. Borrowings - Current:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Borrowings (Unsecured), repayable on demand	1,766.33	-
	Total 1,766.33	-
15. Trade payables:
	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Dues to Micro and Small enterprises	-	-
Dues to Others
- Creditors for expense	1.81	2.15
- Other payables	4.61	3.55
	Total 6.42	5.70

Footnote: A) The information regarding Micro Enterprises and Small Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

16. Other current financial liabilities:

Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Conveyance Payable	0.02	0.03
Director Sitting Fees Payable	0.35	0.15
BSE General Charges Payable	1.12	0.86
	Total 1.49	1.04

17. Other current liabilities:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Advances received from Customers	39.92	30.20
IDS payable	6.07	0.08
Total	45.99	30.28
18. Revenue From Operations:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Income from Brokerage, Commissions and other fees earned	68.85	24.52
Income from Investments	260.70	89.99
Income from Interest	14.63	23.84
Income from Dividend	0.96	-
Sales (Stock in Trade)	2,475.78	2,146.38
Total	2,820.92	2,284.73
19. Employee Benefit Expense:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs .
Salaries, wages and bonus	4.77	4.32
Staff welfare expenses	1.40	0.56
Total	6.17	4.88
20. Finance Cost:
Particulars	As at March 31,2018	As at March 31, 2017
	INR Lacs	INR Lacs
Interest Expenses on:
Borrowings	59.97	0.46
Other borrowing costs (includes fees charged by banks for renewal of sanctioned limits, lead bank charges, etc)	0.02	0.02
Total	59.99	0.48
21. Depreciation and amortisation expense:.
• Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Depreciation of property, plant and equipment (Refer note 2)	1.78	0.84
Amortisation of intangible assets (Refer note 2)	-	0.01
IPO Expenses amortised	5.29	5.28
Total	7.07	6.13
22. Other Expenses:
Particulars	As at March 31, 2018	As at March 31, 2017
	INR Lacs	INR Lacs
Market making Fees	1.25	1.20
Processing Fees/Application Fees	2.41	0.05
Auditors Remuneration	-	-
-Audit Fees	0.40	0.40
-Internal Financial Control	-	0.10
-Limited Review.	0.08	0.24
Director''s Sitting Fees	1.00	1.09
Securities Premium	1.25	1.06
Share Trading Expenses/Charges	8.58	7.65
Custodial Fees	1.10	0.90
General Expenses	3.15	3.70
Professional Charges	0.64	1.06
Communication expenses	1.17	0.52
Other Expenses	4.76	3.20
	Total 25.78	21.17
23. Income taxes: (a) Tax expense recognised in the Statement of profit and loss:
Particulars	For the year ended March 31, 2018	For the year ended March 31, 2017
INR Lacs	MR Lacs ,
Current tax
Current year	9.29	32.84
Total current tax	9.29	32.84
Deferred tax
Relating to origination and reversal of temporary difference	0.72	0.52
Total deferred income tax expense/(credit)	0.72	0.52
Mat tax Credit	(9.29)	-
Total income tax expense/(credit)	0.72	33.36

Reconciliation between the statutory income tax rate applicable to the Company and the effective income tax rate of the Company is as follows:

(b) Reconciliation of effective tax rate:

Particulars	For the year ended March 31, 2018		For the year ended March 31, 2017
	INR Lacs		INR Lacs
Profit /(loss) before taxation	49.75		154.17
Enacted income tax rate in India	27.55%		33.06%
Tax at the enacted income tax rate	13.71		50.97
Reconciliation line items:
Exempt Income	-		7.62
MAT tax credit	9.29		-
Taxable at special rate	3.70		9.57
Others			(0.42)
Tax expense/ (credit)	0.72		33.36
(c) The movement in deferred tax assets and liabilities during the year ended March 31, 2018 and March 31, 2017:
Particulars	As at April 01, 2016	Credit/ (charge) in Statement of profit and loss	As at March 31, 2017
	INR Lacs	INR Lacs	INR Lacs
Deferred tax assets/(liabilities)
On Account of Depreciation	3.81	0.52	4.33
	3.81	0.52	4.33
Deferred tax assets/(liabilities)
On Account of Depreciation	4.33	0.72	5.06
Tax on fair valuation of Investments	-	4.60	4.60
	4.33	5.32	9.66

The Company is evaluating the requirement of the amendment and the impact on the financial statements. The effect on adoption of Ind AS 115 is expected to be insignificant”.

32. The financial statements were approved for issue by the Board of Directors on 29th May 2018.

33. The figures of the previous year''s have been regrouped or reclassified wherever necessary to make them comparable

In terms of our attached report of even date

---

Mar 31, 2015

1. In view of the number of employees being below the stipulated numbers, the Payment of Gratuity Act is not applicable to the company for the year. The same is the case with respect to payment of Bonus Act.

2. The useful life of Fixed Assets has been revised in accordance with Schedule II to the Companies Act 2013 which is applicable for accounting period commencing on or after 1st April 2014. Consequently a sum of Rs. 0.25 lac being the carrying amount net of residual value of fixed assets. In other case carrying amount has been depreciated over the remaining useful life of the assets and the effect on the profit is not material.

3. RELATED PARTY DISCLOSURES:

As per Accounting Standard 18, the disclosures are as under:

I List of related parties where control exists:

Details of Related Parties

Sr. No. Category Name of the Related Party/ Relationship

I Ultimate Holding Company: Mahshri Enterprises Pvt Ltd

Holding Company Aryaman Financial Services Ltd

Associates Companies Overskud Multi Assets Management Pvt Ltd

Nopea Capital Services Pvt Ltd Escorp Financial Services Pvt Ltd Vardhman Investment

Key Managerial Personnel : Shripal Shah

Shreyas Shah

Key Managerial Personnel's -: Shrenik Shah (Father)

Relatives Roopa Shah (Mother)

Meloni Shah (Wife)